Blox, an artificial intelligence-powered proptech company, is set to acquire a controlling stake in Justo, a mandate brokerage firm, for ₹350 crore. This strategic acquisition is expected to strengthen Blox’s position as a leading proptech company in India and enhance its consolidated gross merchandise value (GMV) to around ₹8,000 crore.
Justo, known for connecting real estate developers and home buyers, has worked on over 80 real estate projects and conducted transactions of over 4.2 million sq ft. With Blox’s artificial intelligence (AI) sales and marketing technology, Justo’s brokers and developer partners will have access to advanced tools to streamline their operations and improve sales.
Blox, established in 2020, offers integrated online real estate services to customers, ensuring a seamless home-buying experience. The company provides site visits, transparency, and convenience through its comprehensive platform. Each homebuyer is assigned a dedicated relationship manager to assist with virtual and physical visits across the city.
This is not the first strategic move by Blox to expand its portfolio. Last year, the company acquired property sales and marketing company Plinthstone REMA for $1.5 million. The acquisition of Justo further strengthens Blox’s presence and market position.
The Indian proptech sector, although still in its early stages, shows promising potential for growth. Post-pandemic, proptech startups have increased by 48%. However, they currently account for only 6% of the total number of recognized startups in the country. The deployment of technology in the real estate sector has been crucial in improving transparency and access to data, previously limited in the industry.
